Trump to end Iran oil import waivers

Washington: The United States announced on Monday it will no longer grant sanctions exemptions to Iran´s oil customers, potentially punishing allies such as India as it tries to squeeze Tehran´s top export.

The White House said that Saudi Arabia and the United Arab Emirates -- close US allies that back President Donald Trump´s hawkish stance against regional rival Iran -- would work to make up the difference in oil to ensure that global markets are not rocked.

"This decision is intended to bring Iran´s oil exports to zero, denying the regime its principal source of revenue," the White House said in a statement. "The Trump administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime´s destabilizing activity threatening the United States, our partners and allies and security in the Middle East," it said.

Eight governments were initially given six-month reprieves from the unilateral US sanctions on Iran. They include India, which has warm ties with Washington but disagrees on the US insistence that Iran is a threat. Other countries that will be affected include China and Turkey, opening up new friction in contentious relationships if the United States goes ahead with sanctions over buying Iranian oil.